Union Minister of Commerce and Industry Shri Piyush Goyal has downplayed concerns over a proposed 12.5% US tariff action under Section 301 of the US Trade Act, arguing that Washington's move could ultimately create a comparative advantage for India. Speaking at the Financial Express Best Banks Awards, Goyal said the proposed tariff mechanism was being developed by the United States amid domestic constraints on imposing reciprocal tariffs and should not be viewed as a major concern for India. "So this (Section 301 investigations) is really a mechanism being created, given their (the US'') constraints that the Congress is not going to support any of their actions (on reciprocal tariffs)… they are trying to create a competitive edge for India," he stated. The minister indicated that "The (Section 301) investigation is directed at a particular country," suggesting the investigation was largely aimed at addressing concerns involving another major trading partner, without naming China directly.
Union Minister of Commerce and Industry Shri Piyush Goyal delivered the keynote address at the Citi India Conference 2026 in Mumbai, highlighting India's emergence as the world's most trusted investment destination. Addressing global investors and business leaders, Goyal expressed confidence that India will continue to maintain its position as the world's fastest-growing economy for over two decades into the future. He noted that India has consistently converted crises into opportunities by reorienting processes and business strategies to suit changing geopolitical and economic circumstances, while continuing to remain an attractive destination for trade, business, manufacturing and investments. Speaking at the conference, Goyal urged Indian industry and MNCs to move beyond seeing the country as merely a market, calling for them to create bases for manufacturing, design & innovation, and use India for global supply chains and exports.
Goyal expressed confidence that an interim bilateral trade deal between India and the US would be concluded soon, with US Trade Representative Jamieson Greer expected to visit India within the next two weeks for further discussions. India and the US concluded another round of negotiations on the proposed bilateral trade agreement in New Delhi last week, with both sides indicating that talks had entered the final phase. The Commerce Ministry described the discussions as "constructive and positive," covering areas such as trade in goods, non-tariff measures, customs and trade facilitation, and economic security alignment. "We will protect India's interests and I'm very confident that the (India-US trade) deal will come through. It'll be a good deal," Goyal stated. However, he reiterated that India would not negotiate under externally imposed deadlines and would only sign a pact that is "fair, equitable" and balanced.
Citi India is planning to double down on investments in its India institutional franchise, which primarily serves companies with annual turnover exceeding $100 million. According to reports from NDTV Profit, Citi India CEO & Banking Head K Balasubramanian stated the global bank plans to deepen its focus on India's institutional banking business, citing strong corporate balance sheets, growing financing needs and significant opportunities arising from India's expanding role in the global economy. The conference comes at a time when Goyal highlighted that long-term global capital is increasingly looking towards India, with investors demonstrating strong confidence in India's future growth trajectory. Goyal emphasized that India is not merely a market and it is a growing large market, adding that it will help you grow from assembly to innovation and design in India.
Speaking at the conference, Goyal highlighted India's ambitious export targets, saying the country aims to achieve $1 trillion in goods and services exports this financial year, up from $863 billion in 2025-26. The longer-term goal is to reach $2 trillion in exports by 2030-31 and $6 trillion by 2047. On China, Goyal said India remains open to investments from Chinese companies, provided they are in strategic sectors and do not involve opportunistic acquisitions of Indian assets. "The government has no problem with investments from China so long as they are in the desirable sectors and not meant for opportunistic takeover of Indian assets," he stated. These statements demonstrate India's strategic approach to balancing trade relationships while maintaining domestic economic interests.
The Minister highlighted India's massive infrastructure investments, noting the country is investing nearly USD 130 billion in ports, highways, roads, rural connectivity and airports. He noted that India's port and airport capacities have doubled over the past decade, while the country plans to double renewable energy capacity from 250 GW to 500 GW over the next five years. Goyal also referenced major utility initiatives including the Jal Jeevan Mission and the establishment of a national power grid with 500 GW installed capacity and more than 50% renewable energy contribution. He highlighted India's focus on semiconductors and emerging technologies, noting that Tata and ASML are setting up India's first capital equipment manufacturing facility for the semiconductor industry.
